Dubai Grants OKX Middle East MVP Preparatory License

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Dubai, United Arab Emirates, June 15th, 2023 – Chainwire: OKX, the world’s second-largest crypto exchange by trading volume and a leading Web3 technology company, today announced that OKX Middle East Fintech FZE (OKX Middle East) has been granted a Minimal Viable Product (MVP) Preparatory license by the Dubai Virtual Assets Regulatory Authority (VARA).

The UAE has been identified as a key strategic growth and business hub for OKX, both globally and in the region. To achieve this, the company has opened a new office in Dubai World Trade Center and plans to expand its Dubai staff to 30, with a focus on local hires and senior management. OKX also plans to extend its nine-figure brand partnerships to the UAE with customer and fan-focused activities.

OKX Global Chief Commercial Officer Lennix Lai said: “We’re thrilled to receive the MVP preparatory license from VARA. Dubai and VARA have created a unique environment where VASPs can thrive and this is a critical element of OKX’s global regulatory compliance strategy. We look forward to expanding the already growing ecosystem across the region.”

The MVP Preparatory license allows approved licensees to fulfill all pre-conditions required to undertake MVP operations within the VARA regime. This provides customers with confidence that operators meet high standards of compliance, risk management, security and consumer protection. Once licensed to be operational, OKX Middle East will be able to extend its approved suite of virtual assets activities and will provide spot, derivatives, and fiat services, including USD and AED deposits, withdrawals and spot-pairs, to institutional and qualified retail customers.

OKX Global Head of Government Relations Tim Byun said: “The comprehensive framework established by Dubai and VARA requires operators to meet well-known existing regulatory principles for traditional financial services. This positions the crypto and Web3 industry in MENA for increased participation and overall growth in the near and long term.”

OKX Chief Marketing Officer Haider Rafique said: “We’ve been waiting to enter the UAE and we want people here to experience our products first hand. Our commitment to transparency and security is reflected in our monthly Proof of Reserves publication, making us the only crypto exchange globally with that commitment. We’ve out-innovated the industry in Web3 with our leading decentralized ecosystem and launched numerous new security features while adding more depth in markets. This same attitude is consistent with the brand partners who represent us.”

For more information on OKX, please visit OKX.com.

About OKX

OKX is a world-leading technology company building the future of Web3. Its crypto exchange is the second largest globally by trading volume and is trusted by more than 50 million users. OKX’s leading self-custody solutions include the Web3-compatible OKX Wallet, which allows users greater control of their assets while expanding access to DEXs, NFT marketplaces, DeFi, GameFi, and thousands of dApps.

OKX partners with a number of the world’s top brands and athletes, including: English Premier League Champions Manchester City F.C., McLaren Formula 1, The Tribeca Festival, golfer Ian Poulter, Olympian Scotty James, and F1 driver Daniel Ricciardo.

About VARA

Dubai Virtual Assets Regulatory Authority [VARA] is the world’s first specialized regulator for the Virtual Assets sector. Established in March 2022, VARA is the competent entity in charge of regulating, supervising, and overseeing VAs and VA activities in all zones across the Emirate of Dubai, including Special Development Zones and Free Zones but excluding the Dubai International Financial Centre.

VARA plays a central role in creating Dubai’s advanced legal framework to protect investors and establish international standards for Virtual Asset industry governance. This announcement is provided for informational purposes only. It is not intended to provide any investment, tax, or legal advice, nor should it be considered an offer to purchase, sell, or hold digital assets.

Contact

Marc Rognon, [email protected]

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